China's Xi says to accelerate market opening, expand imports - state radio

17 Juillet, 2017, 15:34 | Author: Claudine Rigal
  • A marble lion in front of the China Banking Regulatory Commission

Chinese President Xi Jinping said on Monday that China will accelerate market opening and clear administrative hurdles to boost foreign investment, while stepping up financial regulation to fend off systemic risks at home.

Three tasks were highlighted at the meeting - making the financial sector better serve the real economy, containing risks and deepening reforms.

The financial work conference comes ahead of a once-in-five-year congress of the Communist Party in the autumn, where Xi is expected to further consolidate his hold on power.

The sector should improve service efficiency and quality and channel more resources into major and weak areas of economic and social development, he added.

The reiteration of the role of the financial sector points out the development direction of the financial sector and emphasis on direct financing is also quite reassuring for the stocks and bond markets, according to Li Huiyong, a senior analyst with Shenwan Hongyuan Securities. Fragmented oversight of China's financial sector has led authorities to worry about "giant crocodiles", a term that regulators have started using to describe law-breaking tycoons who circumvent regulations to grab control of other companies.

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The government will continue to deleverage the nation's economy by taking a prudent monetary policy and prioritizing reducing leverage in state-owned enterprises.

The country will also deepen financial reforms by improving financial regulation coordination and shoring up weak links in supervision.

A Financial Stability and Development Committee will also be set up under the State Council, or cabinet, state media cited Xi as saying.

The introduction of the State Council financial stability and development committee will help improve regulation effectiveness and address regulation challenges brought by increasingly mixed financial services, according to Lian Ping, chief economist with Bank of Communications. Premier Li Keqiang openly criticized financial regulators as not responding sufficiently.

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